Re/insurance company Aon has announced the acquisition of NGS Seguros to expand its risk capital capabilities in Latin America.

The financial terms of the transaction were not disclosed.

NGS Seguros is engaged in offering risk management consultancy services in the Uruguayan insurance market.

For the past 25 years, NGS has served as Aon’s sole correspondent in Uruguay, providing a variety of services to meet the needs of clients of all sizes.

The business will begin marketing itself as “Aon”, effective immediately.

Aon said the deal broadens its geographic reach in Latin America by officially launching operations in Uruguay, a nation that offers fresh prospects for expansion in its insurance industry.

As part of the takeover, some 50 NGS employees will join Aon.

NGS partner Luis Puig will take over as the country’s operations manager for Aon while NGS partner Alberto Puig will work as a senior consultant for the company.

Aon Southern Cone head Franco Di Lucca said: “Today’s news reinforces Aon’s investment in the South Cone and the relevance of this market for our operation in Latin America.

“We share a long history of working together and together remain committed to helping our clients make better, more informed decisions.”

Luis Puig said: “Joining Aon and leveraging the firm’s global presence will take us to the next level in terms of the solutions we can offer for our clients, as well as bring great development opportunities for our teams.”

Separately, Aon formed a partnership with Rubrik to enhance clients’ cyber resilience against cyber threats.